Thank you Mr. President,
I am Falguni Joshi speaking as a member of the Climate Action Network.
When discussing the matters relating to the Clean Development Mechanism, delegates must remember that the recent IPCC report highlights that the remaining global carbon budget is very small and shrinking fast.
Impacts of climate change are worsening rapidly and the need to reduce emissions immediately and permanently has never been more vital and urgent.
This reality is in stark contrast with the performance of the CDM to date. Recent research shows that it is likely that on the whole, the CDM delivered only 40% of the emission reductions it sold. The CDM has also not delivered on its second goal: to bring sustainable development benefits. During this session, we urgently call to:
- Fundamentally reform additionality requirements, including shorten the length of crediting periods
- Exclude large scale power projects and clearly climate damaging technologies such as coal power
- Establish a grievance mechanism for local stakeholders and ensure that all CDM projects uphold human rights
- Improve the CDM’s contribution to sustainable development by establishing a monitoring mechanism